Apache, Total Make Significant Oil Discovery Offshore Suriname

Results from the Maka Central discovery prove “significant potential” for the entire 1.4 million acres that comprise Block 58 offshore Suriname, says Apache CEO John Christmann.

Apache, Total Make Significant Oil Discovery Offshore Suriname

Pictured Suriname flag and drillship Noble Sam Croft, which was used to drill the Maka Central-1 offshore Suriname on Block 58. (Source: Noble Corp. Plc/Shutterstock.com)

Suriname could be on the path toward oil production growth with news Jan. 7 from Apache Corp. and partner Total SA of a significant oil discovery off the country’s coast.

Analysts say the duo has cracked the code offshore the South American country next to Guyana, where the Exxon Mobil Corp.-led consortium has made 15 discoveries with estimated recoverable resources exceeding 6 billion barrels of oil equivalent. The Apache-operated Maka Central-1 well offshore Suriname tested for the presence of hydrocarbons in multiple stacked targets in the upper Cretaceous-aged Campanian and Santonian intervals and hit both oil and gas condensate, according to a news release.

Results of the closely-watched wildcat lifted shares of Apache, which like its peers has been negatively impacted by low oil and gas prices, by more than 26% in midday trading to $32.49.

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Velda Addison

Velda Addison is the senior editor of digital media for Hart Energy’s editorial team. She covers exploration and production.

Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.